Probate Legal Definitions

Probate– The legal process that allows an estate of a decedent is administered.

Decedent– A deceased person.  Also referred to as “testator.”

Personal Representative– a person who manages the affairs of a probate estate. Also referred to as “executor” or “executrix.”

Executor– A male who is appointed by a testator to execute the decedent’s will.

Executrix– A female appointed by a testator to execute the decedent’s will.

Will– A document that allows a person to distribute their property upon their death.

Holographic will – a handwritten will.  This type of will is valid in Colorado.

Estate– Property of a decedent upon their death.

Testate– To die with a will.

Intestate– To die having made no legal will.

Letters of Administration– A legal document from the probate court entrusting an individual with the administration of the estate of a deceased person.  Also called “letters of testamentary.”

Heir– A person entitled to receive property (and, in some jurisdictions, title) from a deceased person. An heir may be designated by custom or statute, or may be selected in the decedent’s will.

Creditor– A person or company to whom the decedent owes money.

Motion- A pleading or document filed in a court for an order or a ruling.

Notice– A pleading or document, filed with the court, providing information to same.

Order – A ruling issued by the Court.

Medical Power of Attorney– A legal document that allows an individual to nominate another with the authority to make decisions regarding his or her healthcare and medical treatment.

Financial Power of Attorney– A legal document that allows an individual to nominate another with the authority to make decisions regarding his or her financial arrangements.

Living Will– A legal document which allows an individual to state his or her wishes regarding medical treatment that sustains or prolongs life.  This document may contain a “do not resuscitate” provision.

Do Not Resuscitate– a portion of a living will that communicates the wishes of a patient to medical staff to discontinue resuscitation should the patient cease brain and/or other functions.

Fiduciary– A person who has a legal obligation to act in the interests of another.

Tangible Personal Property-Property which can be seen, touched and moved.

Intangible Personal Property– Property which can not be seen, touched or moved.

Residuary Estate– Any portion of the testator’s estate that is not specifically devised to someone in the will.

Trust– An arrangement in which property is managed by one person, a trustee, or entity for the benefit of another, a beneficiary.

Settlor – A person who creates a trust.  This person can also be the beneficiary or the trustee but not both.

Beneficiary – A person named in a trust to receive benefit.  This person can not be named the trustee in the same trust.

Trustee – A person who has a legal obligation to act in the interests of another within a trust, much like a fiduciary.  This person can not also be named beneficiary in the same trust.

Corpus– The object that is the body of a trust such as money.

Contingent Trust– A trust that is created upon a future event.

Revocable Living Trust– A trust that can be revoked by the Settlor.

Irrevocable Trust– A trust may not be revoked after its creation.

Rule Against Perpetuities– The rule against perpetuities forbids future interests that could potentially vest after the established time period. The rule is often stated as follows: “No interest is good unless it must
vest, if at all, not later than twenty-one years after the death of some life in being at the creation of the interest.”

Sources:

http://legal-dictionary.thefreedictionary.com/